Pink Floyd, a British rock band, agreed to sell their entire catalogue of hits, including Wish you were here, Money, to Sony Music for approximately $400mn.
According to two sources familiar with the deal, Pink Floyd’s recorded songs are included in the agreement. This resolves the fate for one of the most valuable assets at a time when vintage rock music sales were booming. One person said that the terms include the band’s name and “likeness” of the artist. This means the label has the rights to merchandise, spin-offs and TV shows.
The master copy is the second set of rights for songs. One copyright covers the songwriting, and the other the recording. Pink Floyd agreed to sell the recorded rights but not the songwriting. This was confirmed by people with knowledge of the situation. This agreement marks the end of many years of drama and infighting among band members about the details of sale.
This deal is the latest in Sony’s acquisition of “heritage artists”. The company also signed a deal this year to purchase some rights of the British rock group Queen for around $1bn. Pink Floyd has had many hits, including Another brick in the Wall. After recent deals by Bruce Springsteen, Bob Dylan and others, their music was one of the last big-name catalogs available. Sony also acquired the rights to Dylan and Springsteen.
The group’s possible payout was delayed by at least two year due to disputes among band members about the tax structure and Roger Waters’ controversial comments. A sale that was planned for 2022, which attracted bidders like Hipgnosis Warner Music BMG and Warner Music, has been put on hold.
Waters’s dispute with his bandmate David Gilmour, which lasted for over 40 years, had previously affected the ability of the band to make money from their work. Nick Mason is the band’s only other member.
Sony and Gilmour declined comment. Waters wasn’t available to comment. The popularity of heritage artists continues to grow among younger audiences, thanks to streaming services and the use of their music on TV shows and in films. Sony, along with other labels, aims to increase the value of its music catalogues by licensing deals across streaming services and gaming.
Investors are still interested in highly sought-after assets such as Pink Floyd, even though prices have dipped from their highs of 2021 and 22. In July, private equity giant Apollo agreed to provide Sony with funding of up to $700mn for music deals.
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